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Amex savings account to build a relationship?

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Valued Member

Amex savings account to build a relationship?

Okay so I've had an AMEX personal savings account for almost 6 months now and I'm just now curious about this. For Chase, if you open other accounts with them first and actually use them right (like checking accounts and savings) to build a relationship, you might be more likely to be accepted for credit cards. Is this sort of the same thing for AMEX and their personal savings?

8 REPLIES 8
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Community Leader
Mega Contributor

Re: Amex savings account to build a relationship?

That's completely untrue with chase unless you have a lot of money with them. It might be possible with Amex but I don't think we have enough datapoints to say one way or the other.







Message 2 of 9
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Senior Contributor

Re: Amex savings account to build a relationship?

Chase started out as a Bank and is a full FI offering both products, whereas Amex was mainly an issuer of Charge Cards for many years. Thus anything other than CC's really are an afterthought with them, plus it's handled by a completely different department. They simply felt they could benefit like other FI's if they offered more products. 

 

So I doubt a savings would help in any way, because it doesn't tell them you're a spender that will lead to CC swipes and revenue for them. 

The only thing having a saving swith them guarantees, is that they can get their Money easier if you don't pay. 






Message 3 of 9
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Valued Member

Re: Amex savings account to build a relationship?

I wouldn't say it guarantees it but it might help because then you look less riskier to them as they'd see your income steadily coming in deposits etc






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Message 4 of 9
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Regular Contributor

Re: Amex savings account to build a relationship?


@thatguycx wrote:

Okay so I've had an AMEX personal savings account for almost 6 months now and I'm just now curious about this. For Chase, if you open other accounts with them first and actually use them right (like checking accounts and savings) to build a relationship, you might be more likely to be accepted for credit cards. Is this sort of the same thing for AMEX and their personal savings?


I know this is about Amex saving account, but I don't think this is true what you said about Chase.  Maybe 'cause I have a BK on file.  Either way, I've had Chase checking and saving since I can remember.  All of my DD going to Chase, and a good amount in my saving.  Never been able to get their CC, and I don't think they have a secured card to get your foot in the door neither.  I recently just closed my saving account w/ Chase and move all my funds over to NFCU saving.  The good thing about Chase is that they are everywhere here in CA, and their ATM cash limit up to 1K per withdrawal, and they have at least 2--6 newer ATMs at their branch compares to only 1-2 at the CU around here.






Message 5 of 9
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Contributor

Re: Amex savings account to build a relationship?


@pt91978 wrote:

@thatguycx wrote:

Okay so I've had an AMEX personal savings account for almost 6 months now and I'm just now curious about this. For Chase, if you open other accounts with them first and actually use them right (like checking accounts and savings) to build a relationship, you might be more likely to be accepted for credit cards. Is this sort of the same thing for AMEX and their personal savings?


I know this is about Amex saving account, but I don't think this is true what you said about Chase.  Maybe 'cause I have a BK on file.  Either way, I've had Chase checking and saving since I can remember.  All of my DD going to Chase, and a good amount in my saving.  Never been able to get their CC, and I don't think they have a secured card to get your foot in the door neither.  I recently just closed my saving account w/ Chase and move all my funds over to NFCU saving.  The good thing about Chase is that they are everywhere here in CA, and their ATM cash limit up to 1K per withdrawal, and they have at least 2--6 newer ATMs at their branch compares to only 1-2 at the CU around here.


Basically, it all comes down to anecdotal information.  When I first applied to Chase, my decline referenced a "lack of a banking relationship," along with the fact that I had no credit score at the time.  A year later, after securing three more credit cards and opening a checking account with Chase (which I did shortly after my initial rejection), I was approved for the FU.

 

Does this mean that my "relationship" made a difference?  My profile changed over the course of a year, and my approval doesn't confirm that my relationship made a difference any more than a rejection would have proved otherwise.

Wells Fargo Propel: 4300 (3-19)
Discover it: 5500 (9-19)
American Express Cash Magnet: 10,000 (12-19)
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Message 6 of 9
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Regular Contributor

Re: Amex savings account to build a relationship?

Interesting.  Maybe the BK on my file is what led to my rejection.  Oh well, I still have my DD going to Chase, but I'm beyond happy that NFCU had given me such generous SL on my second card.






Message 7 of 9
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Senior Contributor

Re: Amex savings account to build a relationship?

I didn't have any relarionship with Chase when I was approved for the CSP.  However, when I received a pre-approval for the FU, I'd only been with them for about 4 months and not a lot in the account. So both are true from a certain point of view.

 

But I'd bet it really comes down to a person's profile over anything else.






Message 8 of 9
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Epic Contributor

Re: Amex savings account to build a relationship?


@Janus wrote:

I didn't have any relarionship with Chase when I was approved for the CSP.  However, when I received a pre-approval for the FU, I'd only been with them for about 4 months and not a lot in the account. So both are true from a certain point of view.

 

But I'd bet it really comes down to a person's profile over anything else.


+1

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Message 9 of 9
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